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CS Professional · IFSCA - Regulations, Listing and Compliances · International Financial Services Centres: An Introduction

IFSCA wishes to open an office in Singapore to engage with global market participants. Under the IFSCA Act, 2019, what is required?

IFSCA needs the prior approval of the Central Government. The Act allows it to establish offices at other places in India or outside India only with that approval, and it does not require RBI consent or a parliamentary resolution.

  1. ANothing; the Authority may open offices abroad freely
  2. BPrior approval of the Central Government, since it may establish offices at other places in India or outside India only with such approvalCorrect
  3. CApproval of the Reserve Bank of India
  4. DApproval of both Houses of Parliament by resolution

Explanation

Section 4(4) lets the Authority establish offices at other places in India or outside India with the prior approval of the Central Government. It does not require RBI or parliamentary approval. The head office location is decided by the Central Government by notification.

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